Morocco’s trade deficit increased in the first two months of 2026 due to higher imports and lower phosphate exports, official figures show.
The North African Arab country is the world’s largest exporter of phosphate, used in agriculture and industrial applications. Morocco controls nearly two-thirds of global phosphate reserves, according to the industry and trade ministry and independent sources.
Phosphate sales account for around a fifth of Morocco’s exports, providing a large part of the country’s hard currency and strongly affecting its trade balance.
A 16 percent decline in phosphate exports widened the January-February trade gap despite a near-identical surge in car shipments.
The deficit stood at around MAD51.5 billion ($5.5 billion) compared with nearly MAD50.5 billion in the first two months of 2025, Morocco’s state statistics office said in a report.
Imports grew by about 1.8 percent to MAD126.5 billion and overall exports by nearly 2 percent to MAD75 billion.
Morocco’s imports have expanded steadily during the past few years due to an upsurge in domestic business as the country prepares to co-host the 2030 Fifa World Cup.
The decline in phosphate sales followed a steady rise in the past three years before peaking at MAD87 billion in 2025, about 20 percent of Morocco’s MAD423 billion export total, the report said.